| | | | | FX Strategy 05 Nov 2020 | | | In the G10 FX Market, NOK and NZD are the top gainers today, up 0.66% and 0.39% versus the dollar while CAD and USD are the top losers. In the rates market, global yields were trading weak today. The Japan 10-year was trading at 0.017, down -0.7bp. The German 10-year was trading at -0.649, down -0.8bp. The UK 10-year was trading at 0.18, down -2.6bp. The US 10-year was trading at 0.729, down -4.2bp. | | | In the Asian equities, markets were trading firm today. The Hang Seng was trading at 25658.45, up 3.1%. The Nikkei 225 was trading at 24105.28, up 1.73%. The Kospi was trading at 2413.79, up 2.4%. In the European equities, indices were trading firm today. The DAX 30 was trading at 12449.1, up 1.01%. The Euro Stoxx 50 was trading at 3194.55, up 1.06%. The FTSE 100 was trading at 5906.07, up 0.39%. | | | Looking at Equity Futures so far, the SP500 Futures was trading at 3477.62, up 1.24%. The Euro Stoxx 50 Futures was trading at 3192.0, up 1.2%. The FTSE100 Futures was trading at 5883.0, up 0.49%. | | | In the Energy space, Oil futures were trading weak today. The WTI Crude Futures was trading at 38.81, down -0.87%. The Brent Crude Futures was trading at 40.81, down -1.02%. | | | In terms of economic data releases, overnight we have seen Australian data for September with Balance of Trade (Actual A$5.630B v Forecast A$2.1B), Imports (Actual -6% v Forecast 6%) and Exports (Actual 4% v Forecast -5%). Japanese Jibun Bank Services PMI Final for October (Actual 47.7 v Forecast 46.6) plus Indonesian GDP Growth Rate QoQ Q3 (Actual 5.05% v Forecast 5%) and YoY Q3 (Actual -3.49% v Forecast -3.2%) were also released. More recently, German Factory Orders MoM for September (Actual 0.1% v Forecast 0.1%) and Bank of England Interest Rate Decision were both released, with the later kept at 0.1% as expected. Moving into the morning session, we look forward to headline Construction PMI for October from the Euro Area at 08:30GMT (Previous 47.5 v Forecast 46.2), Germany again at same time of 08:30 GMT (Previous 45.5 v Forecast 44.4) and the UK at 09:30 GMT (Previous 56.8 v Forecast 54.4). Euro Area Retail Sales for September MoM (Previous -6% v Forecast 6%) and YoY (Previous 3.7% v Forecast 2.5%) follows at 10:00 GMT. Spanish Consumer Confidence for October (Previous 49.5 v Forecast 44.9) will be released at 11:30 GMT with ECB's Guindos starting his speech at 11:40 GMT. UK Chancellor Sunak will also release a statement at 12:00 GMT regarding the new COVID support measures. | | | The afternoon session starts at 13:30 GMT with the weekly US Initial Jobless (Previous 751K v Forecast 745K) and Continuing Claims (Previous 7756K v Forecast 7250K) with Bundesbank's Weidmann also speaking slightly later at 15:00 GMT. This evening at 19:00 GMT, we look forward to the Fed Interest Rate Decision with the Press Conference following at 19:30 GMT. | | | 10-Year Yields Daily Chart (1-month) | | | | | | | Daily FX Pivots | | | | | | | Brent Crude Daily Chart (1-month) | | | | | | | Forex Chart and Technical Analysis | | | EURUSD Chart (Two-week) | | | | | | | Strategy: Support at 1.1699 for 1.1795
Short-term view: EURUSD support comes in at 1.1699 MACD and RSI have a bullish bias. Hence, we see a bounce to 1.1795 enter at 1.1731. Below 1.1699 to open 1.1627 | | | GBPUSD Chart (Two-week) | | | | | | | Strategy: Resistance at 1.3115 for 1.2889
Short-term view: GBPUSD resistance comes in at 1.3115 MACD and RSI have a bearish bias. Hence, we see a dip to 1.2889 enter at 1.304. Above 1.3115 to open 1.3241 | | | USDJPY Chart (Two-week) | | | | | | | Strategy: Resistance at 104.67 for 103.99
Short-term view: USDJPY resistance comes in at 104.67 MACD and RSI have a bearish bias. Hence, we see a dip to 103.99 enter at 104.45. Above 104.67 to open 105.19 | | | AUDUSD Chart (Two-week) | | | | | | | Strategy: Support at 0.715 for 0.7251
Short-term view: AUDUSD support comes in at 0.715 MACD and RSI have a bullish bias. Hence, we see a bounce to 0.7251 enter at 0.7183. Below 0.715 to open 0.7076 | | | | | | TraderMade
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